Greenbrier Q3 Revenue Surges
Cost of revenue was $279.13m for third quarter of 2011, compared to $175.58m for the same period in 2010. Margin was $38.15m for third quarter of 2011, compared to $31.84m for the same period in 2010.
For the third quarter of 2011, earnings from operations were $17.24m, compared to $18.34m for the same period in 2010. Net loss attributable to the firm was $3.31m, compared to net earnings of 4.56m for the same period in 2010.
For nine months ended May 31, 2011, revenue was $800.55m, compared to $577.44m for the same period in 2010. Cost of revenue was $712.09m, compared to $501.42m for the same period in 2010.
Margin was $88.45m for nine months of 2011, compared to $76.01m for the same period in 2010. Earnings from operations were $36.39m for nine months of 2011, compared to $30.99m for the same period in 2010.
Net loss attributable to the firm was $6.16m for nine months of 2011, compared to $3.43m for the same period in 2010.
William Furman, president and CEO, said: â€œAs anticipated, we returned to profitability during the quarter, excluding the one-time charge associated with retiring our $235m senior unsecured notes.
â€œHowever, these results did not fully meet our expectations, principally due to a temporary shortage of castings in North America and a temporary delay in certification of railcars in Europe, which dampened new railcar deliveries by about 300 units. In addition, about $2m of certain other non-recurring general & administrative costs were incurred during the third quarter.â€
The firm expects that both revenues and adjusted EBITDA will be higher in the fiscal fourth quarter of 2011 than the third quarter of 2011, and the firm will continue to be profitable in the fourth quarter of 2011 and for the year as a whole, excluding any one-time charges associated with the early retirement of debt.
Greenbrier is a supplier of transportation equipment and services to the railroad industry. It builds new railroad freight cars in its three manufacturing facilities in the US. and Mexico and marine barges at its US facility. It also repairs and refurbishes freight cars and provides wheels and railcar parts at 38 locations across North America.
Will the firm further increase revenue in Q4?
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